Goldman Sachs profits up in Q1

Goldman Sachs saw its profits go up in the first quarter of the year thanks to the strong performance of its investment banking arm, it has emerged.

The major New York City-based bank has revealed its net profits during this timeframe totalled $2.26 billion - an increase of seven per cent on the corresponding period in 2012.

When compared to the opening three months of last year, Goldman Sachs' investment arm saw its revenue rise by 36 per cent to $1.57 billion in 2013.

However, the bank's total revenue climbed by one per cent to $10.1 billion and the company indicated its investment gains were offset by the 15 per cent decline in earnings in its equity division over the course of the year.

Lloyd Blankfein, chairman and chief executive officer at Goldman Sachs, observed: "We are pleased with our performance for the quarter … we continue to be very focused on controlling our costs and efficiently managing our capital."

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